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This document is a Consent Agreement authorized by Title 10 M.R.S.A. § 8003(5), entered into among Richard Theriault, a Maine resident; the Maine Bureau of Insurance; and the Maine Department of the Attorney General. Its purpose is to resolve, in lieu of an adjudicatory proceeding, issues implicating Title 24-A M.R.S.A. §1417(1) and §1420-K(1)(A).
STATEMENT OF FACTS
1. The Superintendent of Insurance is the official charged with administering and enforcing Maine’s insurance laws and regulations, and the Bureau of Insurance is the administrative agency with such jurisdiction.
2. Richard Theriault has been licensed in Maine as a resident insurance producer with Life and Health authority since December 4, 2004. His license number in Bureau of Insurance records is PRR 109300.
3. Mr. Theriault applied to add Variable Contracts authority to his Maine Resident Producer License in January, 2005.
Failure to disclose bankruptcy
4. Item 39 (3) on the “Uniform Application for Individual Insurance Producer License” form requires a response to the following question:
5. Mr. Theriault answered “No” to Item 39 (3) on the application for Variable Contracts authority.
6. The application included Mr. Theriault’s signature dated “1 25 05” under the statement:
“I hereby certify that, under penalty of perjury, all of the information submitted in this application and attachments is true and complete. I am aware that submitting false information or omitting pertinent or material information in connection with this application is grounds for license revocation or denial of the license and may subject me to civil or criminal penalties.”
8. The Supervisor of Licensing for the Maine Bureau of Insurance determined that Mr. Theriault had also failed to disclose the bankruptcy in his original application for licensing in December 2004 and requested, by letter dated February 18, 2005, an explanation for Mr. Theriault’s failure to disclose the bankruptcy in either the license application in December 2004 or the application to add Variable Contracts authority in January, 2005.
9. Mr. Theriault’s written reply, dated February 25, 2005, stated:
10. On March 11, 2005, the Supervisor of Licensing received, by facsmile, a copy of the Discharge of Debtor in Chapter 7 Case Number 99-21671, United States Bankruptcy Court, District of Maine (Portland), Richard Theriault, debtor.
CONCLUSIONS OF LAW
11. The application form’s disclosure questions specifically require disclosure of bankruptcies. Richard Theriault provided incorrect, misleading, incomplete or materially untrue information in his Maine application for nonresident producer licensing by failing to disclose the above matter when he first applied and when he applied to add Variable Contracts authority. In both cases he certified by his signature that the information was true and complete, and has not provided an adequate legal explanation for this failure to provide accurate information.
12. The provision of incorrect, misleading, incomplete or materially untrue information in the license application constitutes grounds for denial of the license application or other appropriate action, including the imposition of a civil penalty, under 24-A M.R.S.A. §1420-K(1)(A).
13. Richard Theriault, the Maine Bureau of Insurance, and the Maine Department of the Attorney General agree to the following.
14. This Consent Agreement is entered into in accordance with 10 M.R.S.A. § 8003(5)(B) and is not subject to review or appeal. This Consent Agreement is enforceable by an action in the Superior Court.
15. At the time of executing this Consent Agreement, Mr. Theriault will remit to the Maine Bureau of Insurance a civil penalty in the amount of $100.00, payable to the Treasurer of the State of Maine.
16. Mr. Theriault will promptly report any matters to the Maine Bureau of Insurance during all times as he is licensed through the Bureau, to the extent such reporting is required under the Maine Insurance Code, and will comply in all other respects with the provisions of the Maine Insurance Code, as applicable.
17. In consideration of the applicant’s execution of this Consent Agreement, the State of Maine Bureau of Insurance shall issue the Variable Contracts authority for which he has applied, and will refrain from taking further action on these specific facts against the producer license with Life and Health authority which he has already received.
18. Mr. Theriault understands and acknowledges that this Agreement will constitute a public record within the meaning of 1 MRSA § 402, and will be available for public inspection and copying as provided for by 1 MRSA § 408, and will be reported to the NAIC “RIRS” database.
19. In consideration of the applicant’s execution of and compliance with the terms of this Consent Agreement, the Superintendent of Insurance, Bureau of Insurance, and Department of the Attorney General agree to forgo pursuing further disciplinary measures or other civil or administrative sanction for the actions described in this Consent Agreement, other than those agreed to herein. However, should Mr. Theriault violate this Consent Agreement, he may be subject to any available legal remedy for the violation, including without limitation the suspension or revocation of all licenses issued to the applicant under the Maine Insurance Code.
20. Nothing in this Agreement shall affect the rights or interests of any person who is not a party to this Agreement.
THE MAINE BUREAU OF INSURANCE
FOR THE DEPARTMENT OF THE ATTORNEY GENERAL
Last Updated: October 22, 2013
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